ICICI

GST on Interest on Saving or FD


Niraj Nirala (Student>>CA>>IPCC)     25 June 2019

Niraj Nirala
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Is interest earned by an individual on money in Saving bank account or on Fixed Deposits supply of service under GST? Please reply with reference in the Act and rules.

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Rupesh Soni (Taxation Consultant & CA final student)     26 June 2019

Rupesh Soni
Taxation Consultant & CA final student 
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no any GST theron...its on debt return on inv.....

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pritesh (CA Final student)     26 June 2019

pritesh
CA Final student 
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It is covered under negative list of service

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Mitul Thakkar (Tax Consultant)     26 June 2019

Mitul Thakkar
Tax Consultant 
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Yes. It is supply of Service but Exempt under notification.

Entry  No. 27 of Notification No. 12/2017- Central Tax (Rate):

Transaction in money where consideration is represented by Interest is supply under GST but the same has been exempted from the purview of GST through exemption notification.

So currently there is no GST on Interest income on deposit.

 

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Niraj Nirala (Student>>CA>>IPCC)     01 July 2019

Niraj Nirala
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Thank you so much. Yes it is in exemption as mentioned by Mitul.

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